Portland Estate Planning Attorney
Before setting up a living trust, it is critical that you work with our qualified Portland estate planning attorney who can help you know how to make a living trust in Oregon. Having a living trust as part of your comprehensive estate plan can ensure that your family is provided for, your trust property is distributed the way you want, and your health care wishes are known.
At Michael D. O’Brien & Associates, P.C., we will help you build a plan to protect your assets and legacy. Contact our law office now to schedule a free case evaluation with our skilled Oregon estate planning lawyers to discuss your needs and goals.
Why Do I Need an Estate Planning Attorney in Oregon?
There are several ways to plan your estate, but one popular option is to form a living trust. When you set up a living trust to transfer your property to your loved ones after your death, you can potentially save them a lot of time, hassle, and money. However, setting up and managing living trusts can involve a great deal of paperwork. In this case, it is highly recommended to seek legal advice from our credible Portland estate planning lawyers.
At Michael D. O’Brien & Associates, P.C., we specialize in all areas of estate planning, including living trusts to help you plan for your future. Our estate planning law firm is committed to:
- Working closely with clients to advance their personal desires regarding the disposition and protection of assets while providing potential estate tax advantages and security for their families and beneficiaries.
- Providing effective legal advice regarding wills, living trusts, probate process, trust administration, and advanced estate planning options.
- Helping you understand the importance of making decisions when creating an estate plan or probating a loved one’s estate.
- Providing efficient and effective estate planning services to numerous clients in Portland, Bend, Clackamas, and surrounding areas.
We have the experience, skill, and insight to establish trust arrangements best suited for your goals as part of an overall estate planning strategy. Contact us now to schedule a free case evaluation with our qualified Oregon estate planning lawyers to discuss your options.
What is a Living Trust?
A living trust is a legal document that can help simplify the distribution of your assets when you pass away. When you set up a living trust, you transfer an asset or a property from your name to the name of your trust. It allows you to use and control your assets while they remain in the trust of your beneficiary.
With a living trust, a trustee manages your assets according to your wishes. Upon your death, your assets will be released to your named beneficiary according to the instructions outlined in the trust document. It can be created in the form of a revocable living trust or an irrevocable living trust.
There are many factors to weigh when deciding whether to create a living trust in Oregon. One of the biggest benefits of trust is the control it gives you during your life and after your death. Our knowledgeable Portland estate planning attorney can help you learn more about living trusts and the value they provide.
How Do I Make a Living Trust in Oregon?
Setting up a living trust is usually the same regardless of where you live in the United States. Our trusted Portland estate planning lawyers can give you the information you need to know about living trusts, including step-by-step instructions for setting one up in the state of Oregon. Here are the steps you need to take:
Choose the type of trust you want to set up
Figure out which type of trust you need to make and choose whether to make an individual or shared trust. If you’re single, you’ll want to opt for an individual trust. If you’re married, you and your spouse can each make individual trusts or both make a joint trust.
Decide what items to leave in the trust
Take inventory of your property and decide what you want to place in the living trust. You can put everything from bank accounts and investments to real estate and family heirlooms into a living trust.
Choose a trustee
A trustee will be responsible for managing the trust. The trustee also must ensure that the trust property is passed on to its beneficiaries per the trust’s instructions. If you name yourself, you’ll also need to choose a successor trustee for when you die.
Decide who will be the beneficiary of the trust asset
Your beneficiaries are the people or organizations you choose to receive the assets in your trust. When you pass away, your successor trustee will distribute the trust assets to your beneficiaries and close out the trust.
Create the trust agreement document
You can create a simple living trust document on your own. But if you have a complex estate or need more than a simple probate-avoidance trust, it can be helpful to work with a top-ranking Portland estate planning lawyer to set up a trust to meet your specific needs.
Sign the document
Once you’ve prepared the trust document, you’ll need to sign it in front of a notary public to avoid probate court challenges.
Fund the trust by transferring your property into it
The trust will not take effect until deeds and titles are transferred or put in the name of the trust. Once you sign your trust document, you need to transfer ownership of your property to this legal entity.
Call Our Experienced Portland Estate Planning Attorneys Now!
When planning for your future, no time is more valuable than the present. Whether you want to leave a lasting legacy for your heirs or want to save your family the hassle of probate after you are gone, placing your assets in a living trust can offer you peace of mind and a hassle-free process for your family.
If you would like to learn more about making an Oregon living trust, our seasoned Portland estate planning lawyers are here to help. You can rely on Michael D. O’Brien & Associates, P.C. law firm to assist you in safeguarding the things that are important to you.
Our estate planning law firm has extensive experience creating and handling revocable living trusts, wills, and other estate planning matters for our clients. We will listen carefully to your desires and goals and guide you as you make the decisions that will best protect your family and your future. Contact our law office now and schedule a free case evaluation to learn more about creating an estate plan that’s right for you.